DiscovEx Resources : High Grades Continue at Greater Duchess Project - CNB

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ASX Announcement: 17 June 2022

High Grades Continue at Greater Duchess

- Carnaby Resources Limited

DiscovEx Resources Limited (Company or DiscovEx) provides the attached announcement by Carnaby Resources Limited (ASX: CNB) (Carnaby) as it relates to the Greater Duchess Project.

The announcement relates to the Southern Hub Tenements, located in the Mt. Isa Region of Queensland where DiscovEx holds a 17.5% free‐carried interest in EPM 9083, EPM 11013, EPM 14366, EPM 14369, EPM 17637, EPM 18223, EPM 18990, EPM 19008, EPM 25435, EPM 25439, EPM 25853, EPM 25972.

DCX Managing Director, Toby Wellman, commented:

"Drilling continues at Nil Desperandum, with additional favourable results outlining a ~800m long zone of coherent mineralisation. Of particular encouragement is the southernmost hole, showing significant copper sulphides over favourable downhole widths.

Coupled with the delineation of the existing new discoveries, the Carnaby team is also investigating the exploration potential within the ~5km long Nil Desperandum IOCG corridor. The resource potential of the Project is only going to continue to grow."

Authorised for release by and investor enquiries to:

Toby Wellman

Managing Director

T: 08 9380 9440

For and on behalf of

DISCOVEX RESOURCES LIMITED

within 13m @ 4.4% Copper

LADY FANNY - 3m @ 17.1% Copper

HIGH GRADES CONTINUE AT GREATER

DUCHESS

onlyCarnaby Resources Limited (ASX: CNB) (Carnaby or the Company) is excited to announce a continuation of high grade exploration results at the Greater Duchess Copper Gold Project in Mt Isa, Queensland.

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Highlights
Lady Fanny Prospect:
• LFRC077 has recorded an exceptional result of 13m @ 4.4% copper,
	0.2 g/t gold from 122m including 3m @ 17.1% copper, 0.3 g/t gold

	from 122m.
• LFRC086 has intersected a new sub parallel western lode with
personal	results of 6m @ 3.8% copper, 1.4 g/t gold from 88m.
LFRC029 has intersected 31m @ 1.1% copper, 0.1g/t gold from
•

78m including 10m @ 1.7% copper from 84m.

Nil Desperandum Prospect:

• Resource extension drilling on the lateral edges of the breccia shoot has intersected strong copper gold mineralisation, increasing the overall size of the Nil Desperandum discovery.

• Additional shoot mineralisation in NLRC048 with results of 19m @ 2.3% copper from 216m including 5m @ 7.0% copper from 230m.

• Step out drilling has intersected a 6m wide vein in NLDD094 with strong copper sulphide mineralisation approximately 150m down plunge of previous drilling.

• Nil Desperandum has now been intersected over a down plunge
For	extent of 800m from surface and remains completely open at

depth.

The Company's Managing Director, Rob Watkins commented:

"The Greater Duchess Copper Gold project continues to grow with ongoing drilling. We are truly witnessing the emergence of two outstanding copper gold discoveries at Nil Desperandum and Lady Fanny. On top of that we believe the potential for more near-term discoveries is high from the imminent start of drilling at Mount Hope and the extensive Induced Polarisation surveys which have recently commenced targeting the >5km Nil Desperandum corridor."

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ASX Announcement 17 June 2022

Fast Facts

Shares on Issue 144.6M

Market Cap (@ 76 cents) $110M Cash $23M1

1As of 31 March 2022

Board and Management

Peter Bowler, Non-Exec Chairman

Rob Watkins, Managing Director

Greg Barrett, Non-Exec Director &

Company Secretary

Paul Payne, Non-Exec Director

Company Highlights

• Proven and highly credentialed management team
• Tight capital structure and strong cash position
• Nil Desperandum and Lady Fanny Iron Oxide Copper Gold discoveries within the Greater Duchess Copper Gold Project, Mt Isa inlier, Queensland.
• Greater Duchess Copper Gold Project, numerous camp scale IOCG deposits over 1,022 km2 of tenure
• Projects near to De Grey's Hemi gold discovery on 442 km2 of highly prospective tenure
• 100% ownership of the Tick Hill Gold
  Project (granted ML's) in Qld, historically one of Australia highest grade and most profitable gold mines producing 511 koz at 22 g/t gold

Registered Office

78 Churchill Avenue Subiaco Western Australia 6008

1. [phone] www.carnabyresources.com.au

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GREATER DUCHESS COPPER GOLD PROJECT

New Reverse Circulation (RC) and Diamond Core (DD) drill results from ongoing drilling at Lady Fanny, Nil Desperandum and Burke & Wills discoveries are presented below and in Table 1 along with details of the drilling in Appendix 2.

First pass exploration drilling at the recently acquired Mount Hope Prospect (see ASX release 11 April 2022) is about to commence, targeting below the very significant historically mined shallow open pits where ~300,000t @ 1.9% copper was produced between 1967 and 1973.

Extensive Induced Polarisation (IP) surveys have commenced targeting the highly prospective three-kilometre corridor between the Nil Desperandum and Lady Fanny discoveries, where numerous historical copper gold workings and shallow open pits are located. No recorded historical drilling exists between Nil Desperandum and Lady Fanny even though widespread mineralisation is evident in the workings.

The IP surveys will also target north of Lady Fanny up to Vampire Lady, as well as planned IP lines at Duchess and Mount Hope.

A 50m line spaced aeromagnetic survey is underway along the >5km Nil Desperandum Iron Oxide Copper Gold (IOCG) corridor (Figure 1). The survey aims to identify fault zone networks that Carnaby believes are critical pathways and controls for the copper gold mineralisation.

Figure 1. Nil Desperandum and Lady Fanny location plan showing planned IP.

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LADY FANNY PROSPECT (CNB 100%)

Strong new drill results continue to be received from systematic step out RC and diamond drilling at the Lady Fanny discovery as detailed below (Figures 2 & 3, Table 1).

Wide, high grade and very shallow copper gold mineralisation has now been intersected over a 500m strike length zone which remains strongly open to the north and at depth.

A new long section compilation of the Lady Fanny Main Lode drill results is presented in Figure 2. This shows a wide and high grade core zone over a strike length of >300m, which appears to be plunging moderately north towards a very large IP chargeability anomaly which is yet to be tested.

A new Western Lode of copper gold mineralisation approximately 50m west of the Main Lode has also been intersected in several holes and remains sparsely drilled to date (Figure 3).

Numerous drill results remain outstanding, and drilling is ongoing.

Figure 2. Lady Fanny Main Lode Long Section.

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LFRC077

An exceptional result has been received from LFRC077 of;

13m @ 4.4% copper, 0.2 g/t gold from 122m

Including 3m @ 17.1% copper, 0.3 g/t gold from 122m

LFRC077 intersected the main shear zone hosted mineralisation approximately 60m down plunge from another high grade result of 32m @ 2.6% copper, 0.6 g/t gold from 69m in LFRC129 (See ASX release 20 May 2022). The mineralisation intersected in LFRC077 remains open down plunge to the north heading towards a large IP chargeability anomaly (Figure 2).

Figure 3. Lady Fanny Plan Showing Drilling Results and Interpreted Structures.

LADY FANNY WESTERN LODE

A new western lode has been intersected in several drill holes and appears to be a sub parallel shear hosted lode approximately 50m west of the Lady Fanny Main Lode (Figure 3). Results include;

LFRC086 6m @ 3.8% copper, 1.4 g/t gold from 88m

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